58-501 - Disclosure of Corporate Governance Practices [BCI]
- BCN2008/13 - Adoption of Multilateral Instrument 11-102 Passport System and related companion policy, and related consequential amendments, Adoption of National Instrument 52-110 Audit Committees, related forms and companion policy, Repeal of British Columbia Instrument 52-509 Audit Committees, and Sections 144 and 145 of the Securities Rules, Adoption of National Policy 11-202 Process of Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and Rescission of National Policy 12-201 Mutual Reliance Review System for Exemptive Relief Applications, and National Policy 43-201 Mutual Reliance Review system for Prospetuses [BCN - Lapsed]
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective March 17, 2008, the attached BC Instrument 58-501 Exemption from National Instrument 58-101 Disclosure of Corporate Governance Practices is made.
March 10, 2008
Douglas M. Hyndman
(This part is for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections: Securities Act, section 187
BC Instrument 58-501
Exemption from National Instrument 58-101
Disclosure of Corporate Governance Practices
Order Under Section 187 of the Securities Act
1. In this Instrument:
(a) "NI 58-101" means National Instrument 58-101 Disclosure of Corporate Governance Practices; and
(b) "regulator" means the regulator or securities regulatory authority in Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia or New Brunswick.
2. Terms defined in the Act, the Securities Rules, NI 58-101, and National Instrument 14-101 Definitions have the same meanings in this instrument.
3. This Instrument applies to a reporting issuer that had a director that was independent under the definition of "independence" in section 1.2(2)(a) of NI 58-101 as in force before March 17, 2008, if that director would not also have been independent under section 1.2(1) of NI 58-101.
4. A reporting issuer is exempt from a requirement imposed by NI 58-101 that relates to the definition of independence if:
(a) the requirement did not apply in British Columbia to the reporting issuer before March 17, 2008 because the director was independent under the definition in section 1.2(2)(a) of NI 58-101,
(b) a regulator granted an exemption to the reporting issuer from the requirement before March 17, 2008,
(c) the exemption still applies to the reporting issuer, and
(d) the reporting issuer complies with any terms, conditions, restrictions or requirements imposed by the regulator as if they were imposed in British Columbia.